CFA Institute

overview
CFA Institute sets the highest standards of ethics, education, and professional excellence for the investment industry. The
organization educates investment professionals using its Global Body of Investment KnowledgeTM, which covers all aspects of
the investment profession, including ethics. Currently, CFA Institute offers two education and credentialing programs: the CFA
Program, which confers the Chartered Financial Analyst® (CFA®) designation, and the Certificate in Investment Performance
Measurement program, which confers the CIPM® designation.

• CFA Institute has nearly 100,000 members in more Largest Member Occupation Categories*
than 130 countries, more than 87 percent of whom are
Portfolio Managers
CFA charterholders. 5%
5% Research Analysts
• Nearly 30 percent of members are responsible for 25%
managing assets of private individuals. 5% Chief Executives

• 50 percent of members work on the buy side. Consultants

5%
• CFA Institute relies on its network of 137 Member Investment Banking
Analysts/Bankers
Societies in 58 countries to serve as industry leaders. 6%
Relationship Managers
• Our members’ varying occupations include portfolio
managers, research analysts, chief executives, consultants, 7% 17% Corporate Financial Analysts
investment banking analysts, and relationship managers Risk Managers
(Figure 1). Figure 1 * This occupation distribution is based on information from 15,563 CFA
Institute members as of November 2008. The margin of error is ±0.7%.
• See Figure 2 for a geographic breakdown of CFA Institute
membership.

CFA Program Lifelong Learning

The CFA Program is a self-study, graduate-level program CFA Institute understands that investment professionals
that requires candidates to learn and apply investment must keep pace with the dynamic nature of the investment
knowledge. It is recognized globally as the gold standard industry. Our professional development resources include
investment credential. the following:

• Three sequential exams cover ethics, investment tools, • Publications such as CFA Magazine, Financial Analysts
asset valuation, portfolio management, and wealth Journal and the CFA Institute Investment Series books
planning (Chart).
• Multimedia: podcasts and webcasts
• Candidates must complete four years of work experience
• Educational events: conferences, executive education,
as an investment practitioner and agree to adhere to a
and seminars
strict code of ethics.
• Express Education: discussions of the latest trends
• In our 2009–2010 fiscal year, there were, from 167
through book summaries, daily newsbriefs, and topical
countries, more than 200,000 registrations for the
newsletters
CFA Program.
• Career advancement: JobLine database for members and
employers, career planning, and career events
Certificate in Investment Performance
Measurement (CIPM) Program • Access to a network of member society programming
located across markets worldwide
The CIPM program and credential promotes proficiency
and best practices in applying analytical techniques and the [over]
Global Investment Performance Standards. The program
offers the industry’s only designation dedicated solely
to investment performance evaluation and presentation.
The two-level program is based on an online, self-directed
curriculum that covers ethical and professional standards;
performance measurement, attribution, and appraisal; and
the GIPS® standards.

www.cfainstitute.org
Candidate Body of KnowledgeTM

Knowledge/Comprehension

Application/Analysis

Synthesis/Evaluation

LEVEL I LEVEL II LEVEL III

ETHICS ETHICS ETHICS

Ethics & Professional Investment Tools Asset Classes Portfolio Management

Standards Quantitative Methods Equity Investments & Wealth Planning
Economics Fixed Income
Financial Reporting & Analysis Derivatives
Corporate Finance Alternate Investments
Chart The Candidate Body of Knowledge consists of 10 general topic areas that provide a framework for making investment decisions.

ETHICS, standards and ADVOCACY

CFA Institute promotes high ethical standards and investor
protection through professional codes of conduct, guidance, Geographic Profile of Members
and our advocacy outreach efforts. In this area CFA Institute:
2% 1%
• Sets and maintains global standards and professional 13% United States
codes of conduct for the investment profession. Asia Pacific
• Promotes improved financial reporting so that investors Europe
receive clear and consistent information. 15%
Canada
• Advocates for integrity in the capital markets through
Africa/Middle East
guidance, publications, and outreach to regulators on such
issues as corporate governance, hedge fund regulation, 15% 54% Latin America
and executive compensation.
• Supports investors around the world with ethics Figure 2
workshops, guidance on the stringent CFA Institute Code
of Ethics and Standards of Professional Conduct, and Leadership
topical research reports. John D. Rogers, CFA—President and CEO
Thomas B. Welch, CFA—Chair, Board of Governors
Global Investment Performance
Standards (GIPS) Contact us:
CFA Institute promotes fair financial markets through the www.cfainstitute.org
GIPS standards, a set of formalized, industry-wide ethical E-mail: info@cfainstitute.org
principles that help investment firms calculate and report Tel: +1 (434) 951-5499
their investment results with greater transparency. CFA
Institute also promotes the standards through its Standards
and Financial Market Integrity Division and the CIPM
program. Organizations in nearly 30 countries promote and
sponsor GIPS standards.

www.cfainstitute.org